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@techreport{NBERw3145,
title = "A Framework for studying Monetary Non-Neutrality",
author = "Robert E. Hall",
institution = "National Bureau of Economic Research",
type = "Working Paper",
series = "Working Paper Series",
number = "3145",
year = "1989",
month = "October",
doi = {10.3386/w3145},
URL = "http://www.nber.org/papers/w3145",
abstract = {This paper sets forth a simple general structural model of aggregate output, the interest rate, and the price level. The core of the model is the determination of the level of output as a product-market equilibrium, either competitive or oligopolistic, possible indeterminate because of thick-market externalities. Monetary non-neutrality can affect either product demand or product supply. In either case, monetary policy has leverage over output as well as the price level. The paper develops a two-diagram analysis intended to replace the aggregate demand-aggregate supply diagram. },
}